Meta Platforms Inc (META.O) has announced that it is winding down support for digital collectibles or non-fungible tokens (NFTs) on its platforms
Meta Platforms Inc (META.O) has announced that it is winding down support for digital collectibles or non-fungible tokens (NFTs) on its platforms. The move comes less than a year after the tech giant rolled out support for creators to share NFTs on Instagram and Facebook.
NFTs had become increasingly popular in 2020, with sales of digital art, cartoon apes, video clips and other digital assets reaching billions of dollars. However, the hype around NFTs has since died down significantly and Meta has been forced to make cost-cutting measures across the company.
Meta’s head of commerce and financial technologies, Stephane Kasriel, said in a tweet that the company was “winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.” He added that creating opportunities for creators and businesses to connect with their fans and monetize remained a priority, and that Meta would focus on areas where it could make an impact, such as messaging and monetization opps for Reels.
Although Meta is discontinuing its NFT features, the company is still keeping an eye on the crypto market.